Temer, congressional leaders delay Brazil pension vote
Brazil’s President Michel Temer has agreed with congressional leaders to delay a key vote on pension legislation in the lower house until the week of Dec. 18, the speaker of the body, Rodrigo Maia, said on Thursday.
The pension overhaul, a cornerstone of Temer’s efforts to reduce Brazil’s budget deficit, is seen by investors as crucial to boosting the nation’s fiscal health.
Brazil’s currency and benchmark Bovespa stock index slipped on Thursday amid concerns that Temer lacked support to put the measure to a vote.
If a vote were further delayed to next year, it could infringe on campaigning for elections due in 2018, a move most investors see as reducing the likelihood that the unpopular measure would be approved.
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